Tesla Inc unveiled its biggest program of new share sales in a decade as a public company on Tuesday, seeking to cash in on soaring Wall Street ...
REUTERS: Tesla Inc unveiled its biggest program of new share sales in a decade as a public company on Tuesday, seeking to cash in on soaring Wall Street interest in the company to raise US$5 billion that will ease future debt pressures.
Tesla shares, which rose about 8per cent in early premarket trading, retreated to trade about 3per cent higher on the day after the news. With a market capitalization now around US$465 billion, it became the world's biggest car company by value in July and has propelled Chief Executive Officer Elon Musk's personal fortune past US$100 billion.Musk has repeatedly assured investors over the past year that Tesla would not need to raise more money for costly initiatives including the construction of its first European factory and its recently announced construction of a new factory near Austin, Texas.
The company said on Tuesday it plans to use proceeds from the offering to strengthen its balance sheet and for general corporate purposes.
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